00:00The government's devolution plans will give local leaders more power, resources and accountability,
00:05which in turn can boost investment and drive growth in London and across the country.
00:11This budget is a crucial step in turning these plans into reality.
00:16Allowing more of the tax revenues raised locally to be retained locally
00:20is key to incentivising and enabling local leaders to take decisions that drive growth.
00:26In particular, retained taxis can fund some of the big transport projects that Londoners and businesses need,
00:32including the Bakerloo Line extension and the West London Orbital Railway,
00:37which together will improve our connectivity, enable tens of thousands of new homes to be built and create new jobs.
